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Financings In Brief

This article was originally published in The Gray Sheet

Executive Summary

Pelikan Technologies funds electronic lancet launch: Electronic lancet developer raises $69 million in a "Series F" private placement led by Clarus Ventures, Pelikan announces Dec. 6. The privately held firm also has received approval for a $20 million venture capital loan from General Electric Capital and Oxford Finance. A portion of the $89 million in total funds raised will be used to support a 2008 U.S. launch of the 510(k)-cleared Pelikan Sun electronic lancing device, the firm says. The fully automated device, which debuted in Australia in October and in Europe in November, is designed to reduce pain associated with blood sample collection and enhance ease-of-use. Palo Alto, Calif.-based Pelikan Technologies also will use a portion of the proceeds for continued development of a system integrating Pelikan Sun with a blood glucose monitor. A 2008 debut of the latter system also is anticipated by the company. UBS Investment Bank was the sole placement agent for Pelikan's private placement

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